Help with Form 3520

[kremepuff]

My husband received an inheritance from his deceased foreign father and he needs to file Form 3520. I have the following 3 questions on how to correctly fill this out:

1. For listing out the gifts in part 54, what do you if you run out of room to list all gifts? There is only space to list three gifts.

2. What do I use to calculate FMV? Is it the value of the gift on the date it was received or should I use the value of the gift on the last day of 2021? (This matters since my husband inherited some stocks and their value fluctuated).

3. I am confused on how to answer line 56 of Form 3520: Do you have any reason to believe that the foreign donor, in making any gift or bequest described in lines 54 and 55, was acting as a nominee or intermediary for any other person?  I'm confused by this wording and not sure if his deceased father counts as directly giving him the gifts or not.

[LoganathanB · Accepted solution]

1 You can make a list of gifts received and attach it to form 3520.

2.  You should use the FMV on the date the gift was received.

3. It is as if his deceased father was directly giving him the gifts.